Small Businesses Are Engines Of Growth Of Any Economy -VP, Osinbajo
Prof. Osinbajo said that in partnership with the private sector, the Federal Government would continue to support innovation and interventions to boost the growth of small businesses across the country.
Vice President, Prof. Yemi Osinbajo has disclosed that small businesses are the engines of growth of any economy, especially in the areas of wealth creation and employment opportunities.
Prof. Osinbajo also said that in partnership with the private sector, the Federal Government would continue to support innovation and interventions to boost the growth of small businesses across the country.
This he said would improve the economy and create more employment opportunities for Nigerians.
Speaking on Monday in Abuja at the first meeting of MSMEs stakeholders for the year 2021, Osinbajo urged stakeholders in the public and private sectors at the virtual meeting to be innovative in the interventions planned for small businesses across the country, to consolidate on the gains recorded in the MSMEs space in the past few years.
This was contained in a statement issued by the Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, Laolu Akande, according to Vanguard.
Emphasizing the scale and scope of interventions for the MSME sector, the Vice President said: “We must continue to be innovative in the interventions that we plan for MSMEs because small businesses are the engines of growth of any economy, in the areas of wealth creation and employment opportunities, MSMEs are very important.”
“We have to think out of the box in our engagements going forward. We need to change the way we do many things, we need to look for ways of multiplying our efforts because the challenges in this space are greater than what we have been able to achieve so far.
“Of course, we have done a lot, but looking at the numbers in need, you will find out that there is a lot more to be done.”
Speaking about the implementation of the MSMEs Survival Fund and the impact on the economy, the Vice President said, “the implementation of the Survival Fund by the Federal Government has sent the right signals that MSMEs are an important component of the economy.”
The Federal Government’s MSMEs Survival Fund grant scheme, which includes Payroll Support, Artisans, and Transport support tracks, is a component under the Nigerian Economic Sustainability Plan, NESP.
The Survival Fund scheme, designed to cushion the economic effects of the COVID-19 pandemic especially on the most vulnerable small businesses, is a conditional grant to support vulnerable MSMEs in meeting their payroll obligations and safeguard jobs in the MSMEs sector.
The scheme is estimated to save not less than 1.3 million jobs across the country.
Commending stakeholders for their cooperation and commitment in the implementation of schemes and initiatives in the MSMEs sector, the Vice President said, “working together, we can achieve more in the MSMEs space. I am glad to hear that there is more collaboration among partners and Ministries, Departments, and Agencies.”